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Brazil's government-run payments system has become dominant

economist.com

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Re: Brazil's government-run payments system has become dominant

#501

Post by atum47 »

SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

Kinda of depend on your bank though. I know several banks that screw up leaving the pix system offline.

Re: Brazil's government-run payments system has become dominant

#502

Post by Loughla »

whimsicalism wrote: post #291
chneu wrote: post #219

Earlier quoted context omitted.

That's exactly why NOAA in the US is under attack. Conservatives see $$$ potential if they privatize it.

i think it more has to do with wanting to cut the deficit in preparation for tax cut extension + NOAA and other science agencies are politically vulnerable in a way that medicare/ss are not

NOAA is only vulnerable until a rural town gets decimated with no warning by a tornado.

Re: Brazil's government-run payments system has become dominant

#503

Post by charlie90 »

timewizard wrote: post #360
nirui wrote: post #206

I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…

Until you say something the government doesn't like and they decide that part of your punishment should be lack of access to payment services. I'd prefer a constitutional mandate or guarantee that this can't happen. Without it this is a noose. A convenient noose with lots of nice properties but a noose none the less.

As opposed to Visa/MC deciding that? At least I can vote for the government...

Re: Brazil's government-run payments system has become dominant

#504

Post by Spivak »

WinstonSmith84 wrote: post #418
reaperducer wrote: post #392

Earlier quoted context omitted.

try to use Pix outside of Brazil Try to use cryptocurrency for anything other than a few very specific transactions at a number of places in the world so small that it's a rounding error. Still cryptocurrencies as-is remain relevant And somehow less relevant than cash. I can take cash from any country in the world to my local bank, and deposit it into my account. I can get a dozen different foreign currencies at my l…

> I can take cash from any country in the world to my local bank, and deposit it into my account. If you are at a institution bank, probably but that's a non-existent use case - I never had Argentinian Pesos, Turkish Lira or Bulgarian Lev I suddenly needed to deposit into my bank account !.. > Try to use cryptocurrency for anything other than a few very specific transactions at a number of places in the world so smal…

> that's the only way to do it without incurring huge transaction fees and / or long processing time.

You're joking right? I just did a $25,000 wire internationally with a currency exchange in the middle and it cost $75. It went through in one business day. You'll get more hassle trying to withdraw from your exchange than that.

When I bought my house and did the wire it cost $15. Where are you getting huge transaction fees?

Re: Brazil's government-run payments system has become dominant

#505

Post by Aspos »

charlie90 wrote: post #503
timewizard wrote: post #360

Earlier quoted context omitted.

Until you say something the government doesn't like and they decide that part of your punishment should be lack of access to payment services. I'd prefer a constitutional mandate or guarantee that this can't happen. Without it this is a noose. A convenient noose with lots of nice properties but a noose none the less.

As opposed to Visa/MC deciding that? At least I can vote for the government...

And its not a far-fetched example as both VISA/MC actually have a history of effectively banning legitimate businesses for no particular reason.

Re: Brazil's government-run payments system has become dominant

#506

Post by boznz »

palmotea wrote: post #215
nirui wrote: post #206

I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…

> I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. After dealing with many private sector services, I think a lot of things should be government run. For instance: weather apps. Private sector ones are just a vector to track and sell your location data, and they rely on governmen…

I'm in NZ and actually prefer the Norwegian Govt weather site www.yr.no, which is about as accurate as our local one, easier to use and has no adverts.

Re: Brazil's government-run payments system has become dominant

#508

Post by alephnerd »

vitorgrs wrote: post #460
alephnerd wrote: post #165

Earlier quoted context omitted.

Yep! And Napas247 was co-developed by Vietnam and South Korea (edit: Only VN - confused Shinhan's support for development work)! The point is there is a steady decoupling towards non-Visa/MC payment systems outside the US and EU, and it wouldn't be too surprising if a number of these systems begin supporting inter-operability within the next 10 years.

Yes. As soon as June, Brazilian pix will support "Automatic Pix". Which means, basically, Pix will support subscriptions. So let's say, you authorize Netflix with pix, and then every month they will charge you with Pix automatically. I find very likely Netflix or Amazon will be one of the first companies to support this in June now. This was made initially to replace old school automatic debit for phone/electricity/e…

Intruiging (in a great way). Do you have any recommendations of any Brazilian sources (Portuguese em Ingles) about the Brazilian and MERCOSUR FinTech and Public Tech industry? I'd love to dig even deeper, but my background is more NAM and Indo-Pac driven. I passed on NuBank eons ago and don't want to make the same mistake again.

> Brazil, installments with credit cards are also super common... Basically when you put a credit card on any website or buy on a store, you can just choose to pay in 12x

Yea that kinda makes sense. The market dynamics in Brazil reminds me a lot of India albeit better regulated (thank you OECD reforms), but tbf, there has been a lot of cross-pollination between Brazilian and Indian policymakers - Cambridge MA is that kinda melting pot, and Brazil has a very similar political dynamic.

Re: Brazil's government-run payments system has become dominant

#509

Post by eddythompson80 »

xzjis wrote: post #495
nirui wrote: post #206

I'm thinking, maybe controversially, centralized national payment service like this should be government-run based on my experience with Alipay which is a digital payment service in China. Due to it's commercial origin, Alipay is filled with unwanted ads and traps. Almost every time I made a payment with it, a pop up prompts me to enlist their Ant Financial LOAN service either now, or being prompted for the same ques…

That's only controversial in the USA I guess. Here in France we know for a fact that government-run services are better than privately owned ones.

That seems like a very broad statement. Citation?

Re: Brazil's government-run payments system has become dominant

#510

Post by 2OEH8eoCRo0 »

WinstonSmith84 wrote: post #363
SwiftyBug wrote: post #8

I've been living in Brazil for the last 20 years. Pix revolutionised the way we transact in Brazil. I've used Pix to pay for things that cost only cents, and I have a friend who bought her house using Pix. The system just works for any transfer amount. And it's so easy to use. Its speed is truly baffling, and so is its reliability. Never have I failed to make a Pix payment because of downtime. I never cease to be ama…

> Cryptocurrencies don't stand a chance. Now, try to use Pix outside of Brazil - it's not even used in other Mercosur countries, what's the chance of having that adopted in other countries... And, that's problem #1. How much do you trust your government with your money? A system like Pix don't stand a chance to get a worldwide adoption - maybe people are naive but governments won't unify to adopt a common system cont…

> Now, try to use Pix outside of Brazil

Most people in Brazil won't do this so who gives a shit? You may as well say, "now try to use Pix on the moon!"

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